Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - ARCBEST CORP /DE/ | a11-28738_18k.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION ANNOUNCES
THIRD QUARTER 2011 NET INCOME OF $0.46/SHARE
(Fort Smith, Arkansas, October 28, 2011) — Arkansas Best Corporation (Nasdaq: ABFS) today announced third quarter 2011 net income of $12.3 million, or $0.46 per share, compared to a net loss of $0.7 million, or $0.03 per share in the third quarter of 2010.
Arkansas Best’s third quarter 2011 performance reflects strong improvement from its largest subsidiary, ABF Freight System, Inc. ABF produced healthy revenue and profit growth that resulted from improved account pricing in the midst of moderating tonnage levels. ABF improved its third quarter operating ratio by four and a half operating points versus the same period last year and by over two operating points versus this year’s second quarter.
“We are pleased to report another quarter of profitability resulting from the value and superior service that ABF offers in the marketplace. The ABF team is to be congratulated for producing better results in the face of an uncertain economic environment,” said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. “In looking ahead, we are prepared to appropriately adjust resources to business levels while maintaining a high level of service for our customers. Our blend of investments in people and technology as well as the unique logistics services provided to our customers put us in a good position as we cultivate opportunities for future growth and new offerings.”
Arkansas Best Corporation
Third Quarter 2011
· Revenue of $510.9 million, a per day increase of 14.7% from the prior year third quarter revenue of $445.5 million
· Net income of $0.46 per share compared to a net loss of $0.03 per share in the prior year third quarter
· Includes market losses on the cash surrender value of life insurance of $0.05 per share compared to gains of $0.06 per share in the prior year period
ABF Freight System, Inc.®
Third Quarter 2011
· Revenue of $466.3 million compared to $409.9 million in third quarter 2010, a per-day increase of 13.8%
· Tonnage per day decrease of 2.0% versus third quarter 2010
· Total billed revenue per hundredweight of $27.10 compared to $23.38 in third quarter 2010, an increase of 15.9%, including increases in fuel surcharge
· Operating income of $18.3 million compared to an operating loss of $2.6 million in third quarter 2010
· Operating ratio of 96.1% compared to 100.6% in third quarter 2010
“Since March of this year, ABF’s year-over-year change in monthly tonnage has moderated, and beginning in August, tonnage has been below that of the same period last year. So far in October, ABF’s tonnage is lower than last October by between six and seven percent, but because of greatly improved yields, ABF revenues continue to be ahead of the same period last year by approximately 5%. We attribute the tonnage decline to weakening economic conditions, our efforts to improve account pricing and more difficult comparisons from last year,” said Ms. McReynolds. “Despite the softening in ABF’s freight, our pricing levels have improved significantly from recent recessionary levels. We constantly strive to grow ABF’s business with accounts that value our wide range of services. As a result, ABF’s overall group of accounts offers a better mix of business with yields that have contributed to the improved profitability we’ve experienced during the last two quarters.”
“ABF continues to focus on making investments in resources and personnel that strengthen the positive experience of our customers while improving our operational efficiencies,” said Ms. McReynolds. “In the third quarter, ABF and its exceptional employees were recognized and honored by three national publications, twice for excellence in information technology and once for ABF’s commitment to sustainability. Two ABF drivers achieved recognition for superior driving achievements, one as a national driving champion. Earlier this month, ABF earned the American Trucking Associations’ Excellence in Security Award for the sixth time of the 11 times it has been awarded,” said Ms. McReynolds. “As we move forward, we will continue to build on the strong foundation provided by ABF’s nationwide network and the relationship-forming skills of its well-trained sales force to offer additional services and to take advantage of new growth opportunities.”
Conference Call
Arkansas Best Corporation will host a conference call with company executives to discuss the third quarter 2011 results. The call will be today, Friday, October 28, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 936-4761. Following the call, a recorded playback will be available through the end of the day on November 30, 2011. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21541622. The conference call and playback can also be accessed, through November 30, on Arkansas Best’s website at www.arkbest.com.
Company Description
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best’s largest subsidiary, has been in continuous service since 1923. ABF has evolved from a local less-than-truckload (LTL) motor carrier into a global provider of customizable supply chain solutions. More information is available at www.arkbest.com and www.abf.com.
Forward-Looking Statements
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this press release that are not based on historical facts are “forward-looking statements.” Terms such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “predict,” “prospects,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. Such statements are by their nature subject to uncertainties and risk including, but not limited to, recessionary economic conditions; competitive initiatives, pricing pressures and effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates; the impact of any limitations on our customers’ access to adequate financial resources; availability and cost of capital; shifts in market demand; weather conditions; the performance and needs of industries served by Arkansas Best Corporation’s subsidiaries; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; relationships with employees, including unions; union and non-union employee wages and benefits, including changes in required contributions to multiemployer pension plans; governmental regulations and policies; future climate change legislation; costs of
continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; and other financial, operational and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation’s Securities and Exchange Commission (“SEC”) public filings.
The following tables show financial data and operating statistics on Arkansas Best Corporation and its subsidiary companies.
ARKANSAS BEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended |
|
Nine Months Ended |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
(Unaudited) |
| ||||||||||
|
|
|
($ thousands, except share and per share data) |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING REVENUES |
|
$ |
510,887 |
|
$ |
445,531 |
|
$ |
1,444,369 |
|
$ |
1,216,768 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING EXPENSES AND COSTS |
|
489,769 |
|
447,307 |
|
1,436,245 |
|
1,264,619 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING INCOME (LOSS) |
|
21,118 |
|
(1,776 |
) |
8,124 |
|
(47,851 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
| ||||
|
Interest and dividend income |
|
273 |
|
313 |
|
790 |
|
920 |
| ||||
|
Interest expense and other related financing costs |
|
(973 |
) |
(853 |
) |
(2,899 |
) |
(1,853 |
) | ||||
|
Other, net |
|
(1,345 |
) |
1,346 |
|
1,544 |
|
1,558 |
| ||||
|
|
|
(2,045 |
) |
806 |
|
(565 |
) |
625 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
19,073 |
|
(970 |
) |
7,559 |
|
(47,226 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
INCOME TAXES |
|
|
|
|
|
|
|
|
| ||||
|
Current provision (benefit) |
|
7,041 |
|
(1,864 |
) |
9,432 |
|
(11,199 |
) | ||||
|
Deferred provision (benefit) |
|
(233 |
) |
1,479 |
|
(6,802 |
) |
(6,722 |
) | ||||
|
|
|
6,808 |
|
(385 |
) |
2,630 |
|
(17,921 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
NET INCOME (LOSS) |
|
12,265 |
|
(585 |
) |
4,929 |
|
(29,305 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
LESS: NONCONTROLLING INTEREST IN NET INCOME OF SUBSIDIARY |
|
— |
|
164 |
|
174 |
|
280 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO ARKANSAS BEST CORPORATION |
|
$ |
12,265 |
|
$ |
(749 |
) |
$ |
4,755 |
|
$ |
(29,585 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
EARNINGS PER COMMON SHARE(1) |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
$ |
0.46 |
|
$ |
(0.03 |
) |
$ |
0.18 |
|
$ |
(1.18 |
) |
|
Diluted |
|
0.46 |
|
(0.03 |
) |
0.18 |
|
(1.18 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
25,421,887 |
|
25,199,123 |
|
25,388,174 |
|
25,166,678 |
| ||||
|
Diluted |
|
25,421,887 |
|
25,199,123 |
|
25,388,174 |
|
25,166,678 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.03 |
|
$ |
0.03 |
|
$ |
0.09 |
|
$ |
0.09 |
|
(1) The Company uses the two-class method for calculating earnings per share. This method, as calculated below, requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for calculating per share amounts.
|
NET INCOME (LOSS) ATTRIBUTABLE TO ARKANSAS BEST CORPORATION |
|
$ |
12,265 |
|
$ |
(749 |
) |
$ |
4,755 |
|
$ |
(29,585 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
EFFECT OF UNVESTED RESTRICTED STOCK AWARDS(1) |
|
(532 |
) |
(21 |
) |
(191 |
) |
(38 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
ADJUSTED NET INCOME (LOSS) FOR CALCULATING EARNINGS PER COMMON SHARE |
|
$ |
11,733 |
|
$ |
(770 |
) |
$ |
4,564 |
|
$ |
(29,623 |
) |
ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS
|
|
|
September 30 |
|
December 31 |
| ||
|
|
|
(Unaudited) |
|
Note |
| ||
|
|
|
($ thousands, except share data) |
| ||||
|
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
CURRENT ASSETS |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
137,099 |
|
$ |
102,578 |
|
|
Short-term investments |
|
30,992 |
|
39,288 |
| ||
|
Restricted cash equivalents and short-term investments |
|
52,323 |
|
51,661 |
| ||
|
Accounts receivable, less allowances (2011 — $6,265; 2010 — $3,944) |
|
165,259 |
|
145,426 |
| ||
|
Other accounts receivable, less allowances (2011 — $1,206; 2010 — $1,254) |
|
6,226 |
|
8,157 |
| ||
|
Prepaid expenses |
|
9,114 |
|
10,258 |
| ||
|
Deferred income taxes |
|
37,031 |
|
32,681 |
| ||
|
Prepaid and refundable income taxes |
|
2,106 |
|
3,958 |
| ||
|
Other |
|
5,251 |
|
5,677 |
| ||
|
TOTAL CURRENT ASSETS |
|
445,401 |
|
399,684 |
| ||
|
|
|
|
|
|
| ||
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
| ||
|
Land and structures |
|
241,310 |
|
243,981 |
| ||
|
Revenue equipment |
|
568,639 |
|
530,424 |
| ||
|
Service, office and other equipment |
|
169,743 |
|
163,732 |
| ||
|
Leasehold improvements |
|
21,258 |
|
21,890 |
| ||
|
|
|
1,000,950 |
|
960,027 |
| ||
|
Less allowances for depreciation and amortization |
|
590,418 |
|
552,781 |
| ||
|
|
|
410,532 |
|
407,246 |
| ||
|
OTHER ASSETS |
|
52,439 |
|
54,021 |
| ||
|
|
|
|
|
|
| ||
|
|
|
$ |
908,372 |
|
$ |
860,951 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
CURRENT LIABILITIES |
|
|
|
|
| ||
|
Bank overdraft and drafts payable |
|
$ |
14,631 |
|
$ |
13,023 |
|
|
Accounts payable |
|
74,656 |
|
62,134 |
| ||
|
Income taxes payable |
|
5,787 |
|
196 |
| ||
|
Accrued expenses |
|
156,537 |
|
144,543 |
| ||
|
Current portion of long-term debt |
|
21,179 |
|
14,001 |
| ||
|
TOTAL CURRENT LIABILITIES |
|
272,790 |
|
233,897 |
| ||
|
|
|
|
|
|
| ||
|
LONG-TERM DEBT, less current portion |
|
45,900 |
|
42,657 |
| ||
|
PENSION AND POSTRETIREMENT LIABILITIES |
|
66,907 |
|
65,421 |
| ||
|
OTHER LIABILITIES |
|
13,933 |
|
19,827 |
| ||
|
DEFERRED INCOME TAXES |
|
20,045 |
|
19,405 |
| ||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2011: 27,099,819 shares; 2010: 26,934,847 shares |
|
271 |
|
269 |
| ||
|
Additional paid-in capital |
|
284,991 |
|
281,169 |
| ||
|
Retained earnings |
|
294,501 |
|
292,129 |
| ||
|
Treasury stock, at cost, 1,677,932 shares |
|
(57,770 |
) |
(57,770 |
) | ||
|
Accumulated other comprehensive loss |
|
(33,196 |
) |
(36,053 |
) | ||
|
TOTAL STOCKHOLDERS’ EQUITY |
|
488,797 |
|
479,744 |
| ||
|
|
|
|
|
|
| ||
|
|
|
$ |
908,372 |
|
$ |
860,951 |
|
Note: The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
ARKANSAS BEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Nine Months Ended |
| ||||
|
|
|
2011 |
|
2010 |
| ||
|
|
|
(Unaudited) |
| ||||
|
|
|
($ thousands) |
| ||||
|
OPERATING ACTIVITIES |
|
|
|
|
| ||
|
Net income (loss) |
|
$ |
4,929 |
|
$ |
(29,305 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
54,201 |
|
53,771 |
| ||
|
Other amortization |
|
177 |
|
200 |
| ||
|
Pension settlement expense |
|
— |
|
178 |
| ||
|
Share-based compensation expense |
|
5,116 |
|
4,191 |
| ||
|
Provision for losses on accounts receivable |
|
2,105 |
|
453 |
| ||
|
Deferred income tax benefit |
|
(6,802 |
) |
(6,722 |
) | ||
|
Gain on sale of property and equipment |
|
(1,934 |
) |
(142 |
) | ||
|
Changes in operating assets and liabilities: |
|
|
|
|
| ||
|
Receivables |
|
(20,244 |
) |
(31,595 |
) | ||
|
Prepaid expenses |
|
1,144 |
|
1,724 |
| ||
|
Other assets |
|
2,293 |
|
659 |
| ||
|
Income taxes |
|
8,457 |
|
18,145 |
| ||
|
Accounts payable, accrued expenses and other liabilities |
|
22,836 |
|
10,316 |
| ||
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
72,278 |
|
21,873 |
| ||
|
|
|
|
|
|
| ||
|
INVESTING ACTIVITIES |
|
|
|
|
| ||
|
Purchases of property, plant and equipment, net of capital leases and notes payable |
|
(32,127 |
) |
(4,322 |
) | ||
|
Proceeds from sales of property and equipment |
|
5,678 |
|
3,393 |
| ||
|
Purchases of short-term investments |
|
(27,930 |
) |
(51,065 |
) | ||
|
Proceeds from sales of short-term investments |
|
36,175 |
|
99,175 |
| ||
|
Capitalization of internally developed software and other |
|
(3,735 |
) |
(3,265 |
) | ||
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
(21,939 |
) |
43,916 |
| ||
|
|
|
|
|
|
| ||
|
FINANCING ACTIVITIES |
|
|
|
|
| ||
|
Payments on long-term debt |
|
(10,886 |
) |
(5,167 |
) | ||
|
Proceeds from issuance of long-term debt |
|
— |
|
11,416 |
| ||
|
Acquisition of noncontrolling interest |
|
(4,084 |
) |
— |
| ||
|
Net change in bank overdraft and other |
|
1,608 |
|
(10,057 |
) | ||
|
Change in restricted cash equivalents and short-term investments |
|
(662 |
) |
103 |
| ||
|
Deferred financing costs |
|
(174 |
) |
(35 |
) | ||
|
Payment of common stock dividends |
|
(2,383 |
) |
(2,340 |
) | ||
|
Proceeds from the exercise of stock options |
|
763 |
|
465 |
| ||
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(15,818 |
) |
(5,615 |
) | ||
|
|
|
|
|
|
| ||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
34,521 |
|
60,174 |
| ||
|
Cash and cash equivalents at beginning of period |
|
102,578 |
|
39,332 |
| ||
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
137,099 |
|
$ |
99,506 |
|
|
|
|
|
|
|
| ||
|
NONCASH INVESTING ACTIVITIES |
|
|
|
|
| ||
|
Accruals for equipment received |
|
$ |
5,177 |
|
$ |
5,896 |
|
|
Equipment financed under capital leases and notes payable |
|
$ |
21,307 |
|
$ |
21,421 |
|
ARKANSAS BEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA
AND OPERATING RATIOS
|
|
|
Three Months Ended |
|
Nine Months Ended |
| ||||||||||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||||||||||
|
|
|
(Unaudited) |
| ||||||||||||||||||
|
|
|
($ thousands) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
$ |
466,287 |
|
|
|
$ |
409,916 |
|
|
|
$ |
1,327,168 |
|
|
|
$ |
1,122,384 |
|
|
|
|
Other revenues and eliminations |
|
44,600 |
|
|
|
35,615 |
|
|
|
117,201 |
|
|
|
94,384 |
|
|
| ||||
|
Total consolidated operating revenues |
|
$ |
510,887 |
|
|
|
$ |
445,531 |
|
|
|
$ |
1,444,369 |
|
|
|
$ |
1,216,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING EXPENSES AND COSTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Salaries, wages and benefits |
|
$ |
272,038 |
|
58.3 |
% |
$ |
259,613 |
|
63.3 |
% |
$ |
807,792 |
|
60.9 |
% |
$ |
745,037 |
|
66.4 |
% |
|
Fuel, supplies and expenses |
|
86,570 |
|
18.6 |
|
67,045 |
|
16.4 |
|
254,292 |
|
19.2 |
|
192,686 |
|
17.2 |
| ||||
|
Operating taxes and licenses |
|
11,343 |
|
2.4 |
|
11,229 |
|
2.7 |
|
34,336 |
|
2.6 |
|
32,438 |
|
2.9 |
| ||||
|
Insurance |
|
5,139 |
|
1.1 |
|
4,870 |
|
1.2 |
|
18,132 |
|
1.4 |
|
14,981 |
|
1.3 |
| ||||
|
Communications and utilities |
|
3,779 |
|
0.8 |
|
3,830 |
|
0.9 |
|
11,490 |
|
0.9 |
|
11,008 |
|
1.0 |
| ||||
|
Depreciation and amortization |
|
17,540 |
|
3.8 |
|
16,992 |
|
4.2 |
|
52,160 |
|
3.9 |
|
51,698 |
|
4.6 |
| ||||
|
Rents and purchased transportation |
|
49,598 |
|
10.6 |
|
46,830 |
|
11.4 |
|
140,455 |
|
10.6 |
|
120,771 |
|
10.7 |
| ||||
|
Gain on sale of property and equipment |
|
(1,060 |
) |
(0.2 |
) |
(74 |
) |
— |
|
(1,944 |
) |
(0.1 |
) |
(498 |
) |
— |
| ||||
|
Other |
|
2,997 |
|
0.7 |
|
2,141 |
|
0.5 |
|
6,547 |
|
0.3 |
|
5,101 |
|
0.4 |
| ||||
|
|
|
447,944 |
|
96.1 |
% |
412,476 |
|
100.6 |
% |
1,323,260 |
|
99.7 |
% |
1,173,222 |
|
104.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other expenses and eliminations |
|
41,825 |
|
|
|
34,831 |
|
|
|
112,985 |
|
|
|
91,397 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total consolidated operating expenses and costs |
|
$ |
489,769 |
|
|
|
$ |
447,307 |
|
|
|
$ |
1,436,245 |
|
|
|
$ |
1,264,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
$ |
18,343 |
|
|
|
$ |
(2,560 |
) |
|
|
$ |
3,908 |
|
|
|
$ |
(50,838 |
) |
|
|
|
Other income (loss) and eliminations |
|
2,775 |
|
|
|
784 |
|
|
|
4,216 |
|
|
|
2,987 |
|
|
| ||||
|
Total consolidated operating income (loss) |
|
$ |
21,118 |
|
|
|
$ |
(1,776 |
) |
|
|
$ |
8,124 |
|
|
|
$ |
(47,851 |
) |
|
|
(1) Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.
ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
| ||||||||||||
|
|
|
2011 |
|
2010 |
|
% Change |
|
2011 |
|
2010 |
|
% Change |
| ||||
|
|
|
(Unaudited) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Workdays |
|
64 |
|
64 |
|
|
|
191.5 |
|
190.5 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Billed Revenue (1) / CWT |
|
$ |
27.10 |
|
$ |
23.38 |
|
15.9 |
% |
$ |
25.70 |
|
$ |
23.52 |
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Billed Revenue (1) / Shipment |
|
$ |
386.25 |
|
$ |
340.54 |
|
13.4 |
% |
$ |
365.09 |
|
$ |
334.56 |
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shipments |
|
1,203,970 |
|
1,201,683 |
|
0.2 |
% |
3,652,776 |
|
3,366,599 |
|
8.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shipments / Day |
|
18,812 |
|
18,776 |
|
0.2 |
% |
19,075 |
|
17,672 |
|
7.9 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Tonnage (tons) |
|
858,048 |
|
875,156 |
|
(2.0 |
)% |
2,594,053 |
|
2,394,510 |
|
8.3 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Tons / Day |
|
13,407 |
|
13,674 |
|
(2.0 |
)% |
13,546 |
|
12,570 |
|
7.8 |
% | ||||
(1) Billed Revenue does not include revenue deferral required for financial statement purposes under the company’s revenue recognition policy.
Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.
|
Contact: |
Mr. David Humphrey, Vice President, Investor Relations and Corporate Communications |
|
|
Telephone: (479) 785-6200 |
END OF RELEASE